In releasing their white paper, titled Melding accounting and advice: How to get future ready in a digital world, GPS Wealth founder and director Greg Holman said accountants can become an integral part of their clients’ lives beyond just tax time.
“Accountants still hold the coveted position of most trusted adviser,” Mr Holman said.
“They can play a more significant role in their clients’ lives and continue to be their primary trusted adviser, potentially in conjunction with a financial planner, by helping them secure a comfortable retirement and financial independence.”
Mr Holman said that, as a result of digital disruption and changing consumer demands, the opportunity for accountants and financial advisers to work together has never been bigger.
“Digital disruption will destroy accounting practices that are inefficient, inflexible and provide a low level of service,” he said.
“A look at what’s happened in other industries demonstrates that no one can afford to stand still. The only way to combat it is to continuously add value, and grow organically by steadily increasing fees in line with increasing value.”
The paper examines the enormous opportunity for accountants to expand the client relationship and add greater value by offering financial services like insurance, lending, budgeting and cashflow management, strategic advice, retirement planning and estate planning.
This can be done by gaining a limited or full licence, gaining a limited or full authority, forming a joint-referral relationship with a licensed adviser and refer existing clients to the new entity, or employ a qualified professional adviser in-house, the paper said.
Accountant WERE advising under an exemption. Unless they are NOW licensed and use the term correctly, they become ” the untrusted adviser” and fodder or ASIC. It will be interesting to see any “bad boy reports”. Will they be labelled accountants or another slur against planners, time will tell.
Relax everyone, Greg Holman is an accountant. First 17 years on his resume on LinkedIn was as the founder of Holmans Accounting. Would you expect him to say anything different?
B, I’m with you. At least you know you’re going to get screwed by a lawyer. The halo of respectability and trust with Accountants can end in tears for the unsuspecting.
C’mon IFA. These are frothy marketing spiels which you headline as ‘news’.
Irony. Timbercorp, Great Southern; managed by accountants and an investment pushed by accountants because they seem to think tax advantage is a good basis for making investment decisions. Dodgy books, tax evasion, payroll where people are illegally contracted, underpaid, etc.
I trust accountants less than I trust lawyers.